As 11
This query is : Resolved
Harkishan Moorjani
(Querist)
29 March 2012
On realisation of proceeds of export sales which were discounted, the remitters' foreign bank has levied certain charges which is reduced from the remittance amount and balance is remitted to receivers' bank account:
What would be the treatment of this amount as reduced by foreign bank:
a.Finance Cost booked under Bank Charges
b. Reduction in Receivables
c. Reducing this amount while calculating the FX Gain/Loss
Kindly advise.
thanks
What would be the treatment of this amount as reduced by foreign bank:
a.Finance Cost booked under Bank Charges
b. Reduction in Receivables
c. Reducing this amount while calculating the FX Gain/Loss
Kindly advise.
thanks
11 May 2012
It will be treated as bank charges.
CA Pankaj Warke
(Expert)
11 May 2012
Agreed with Siddhartha. The same needs to be treated as Bank charges.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reward for festival
- Clarification on GST, TDS, and Accounting Provisions for Import/Export
- Clarification on GST, TDS, and Accounting Provisions for Import/Export Commission Agents,profes. ser
- Import of Capital Machine
- Capital gain on commercial property and investment in residential property
- TDS Return Statement Status
- Rent agreement of House of deceased person
- ARCA LOGIN
- Closer of business and itc of capital goods
- Rectification under processing even after 6 months cpc portal
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- "Please ensure that the Total of the Deductions u/s 54F match the same in Table D in Sch CG"
- Need to correct "Whether it is last installment " response in Form 26 QB
- " Income from House Property " in joint names of co-owners
- REGARDING TDS RETURN OF FORM 27Q
- Notice under e-Verification Scheme
- GST demand notice for ITC reversal against exempted supply.
- RCM ON SECURITY CHARGES FROM INDIVIDUALS
- How to get money back from delisted company
- ITC not to be taken in accounts & GSTR-3B
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
